KOSPI May Reverse Thursday's Losses

(RTTNews) - The South Korea stock market on Thursday wrote a finish to the three-day winning streak in which it had surged more than 610 points or 7.7 percent to a fresh record closing high. The KOSPI now sits just beneath the 8,640-point plateau although it may see renewed support on Friday.

The global forecast for the Asian markets is mostly positive on easing oil prices and optimism for an end to hostilities in the Middle East. The European markets were up and the U.S. bourse were mostly higher and the Asian markets are also tipped to move to the upside.

The KOSPI finished sharply lower on Thursday following losses from the automobile producers and telecoms, while the financials were up and the technology companies were mixed.

For the day, the index tumbled 162.08 points or 1.84 percent to finish at 8,639.41. Volume was 431.77 million shares worth 46.2 trillion won. There were 446 gainers and 444 decliners.

Among the actives, Shinhan Financial rallied 3.84 percent, while KB Financial soared 4.85 percent, Hana Financial collected 3.08 percent, Samsung Electronics stumbled 2.50 percent, Samsung SDI improved 0.83 percent, LG Electronics cratered 16.43 percent, SK Hynix tanked 2.63 percent, Naver plunged 4.63 percent, LG Chem sank 0.85 percent, Lotte Chemical spiked 4.65 percent, SK Innovation rose 0.43 percent, POSCO Holdings increased 0.75 percent, SK Telecom crashed 13.02 percent, KEPCO vaulted 2.52 percent, Hyundai Mobis slumped 1.45 percent, Hyundai Motor tumbled 3.98 percent and Kia Motors dropped 2.67 percent.

The lead from Wall Street is cautiously optimistic as the major averages opened mixed on Thursday and then tracked steadily higher throughout the day but still ended on opposite sides of the line.

The Dow soared 874.86 points or 1.73 percent to finish at a record 51,561.93, while the NASDAQ dipped 23.02 points or 0.09 percent to close at 26,830.96 and the S&P 500 added 30.63 points or 0.41 percent to end at 7,584.31.

The rebound by the Dow reflected a spike by shares of UnitedHealth (UNH) following an upgrade by Bank of America. Dow components American Express (AXP), Goldman Sachs (GS) and Merck (MRK) also posted strong gains.

The NASDAQ climbed well off its worst levels but still ended the day modestly lower amid weakness among technology stocks.

A steep drop by shares of Broadcom (AVGO) weighed on the tech sector, despite fiscal Q2 earnings that exceeded estimates although the company failed to raise its full-year forecast of $100 billion in AI chip sales.

Crude oil prices plunged on Wednesday on hopes of de-escalation in the Middle East following an Israel-Lebanon ceasefire announcement. West Texas Intermediate crude for July delivery was down $3.00 or 3.12 percent at $93.02 per barrel.

Closer to home, South Korea will provide April figures for current account later this morning; in March, the current account surplus was $37.33 billion.